(MENAFN) State-controlled French utility EDF has lost stock market value estimated at USD9.5 billion yesterday as the government cancelled a plan to boost electricity prices to protect consumers, according to Arab News.
The 5-percent rise in regulated tariffs has been canceled by the Energy Minister Segolene Royal, and is planned to take effect on August 1.
The tariff review is part of a Europe-wide trend to cap energy prices as governments try to protect consumer spending in the face of stubbornly high unemployment.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.